On May 14, 2012, United States Tax Court Judge Joseph Robert Goeke issued a memorandum opinion in favor of Respondent (our client) in Hewlett-Packard Company and Consolidated Subsidiaries, Petitioner v. Commissioner of Internal Revenue, Respondent. Petitioner had sought approximately $177.6 in foreign tax credits and a $15.6 million capital loss deduction in connection with the transaction at issue. The Court held that Petitioner’s investment in the foreign entity Foppingadreef (“FOP”) that it had characterized as equity, was more appropriately characterized as debt. David J. Ross of Compass Lexecon provided expert testimony on this issue, and his testimony was specifically cited by the Court as being “of particular import to our decision.” Respondent was represented by Jill A. Frisch, Anne Hintermeister, Caroline T. Chen, and Vincenza A. Taverna-Ciarlo. Mr. Ross was assisted by Kevin D. Hartt.